On June 1, Meany Company Ltd. borrows $80,000 from First Bank on a 6-month, $80,000, 6% note. The note matures on December 1.

II. On June 1, Meany Company Ltd. borrows $80,000 from First Bank on a 6-month, $80,000,6% note. The note matures on December 1. Instructions (a) Prepare the entry on June 1. (b) Prepare the adjusting entry on June 30 . (c) Prepare the entry at maturity (December 1), assuming monthly adjusting entries have been made through November 30 . (d) What was the total financing cost (interest expense)? V. In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales. 1. Mag's Company rings up sales and sales taxes separately on its cash register. On April 10, the register totals are sales $20,000 and sales taxes $1,100. 2. Hubert Company does not segregate sales and sales taxes. Its register total for April 15 is $14,200, which includes a 5.85% sales tax. Instructions: Prepare the entries to record the sales transactions and related taxes for (a) Mag's Company and (b) Hubert Company